Merger between Spar Nord (DK) and Sparbank (DK) — DKK 3.4 billion

Carnegie acted as sole financial adviser to Spar Nord in the merger with Sparbank. The objective of the merger is to create a bank with nation-wide coverage and a strong market position in the North, Central and West Jutland regions as well as in a number of major cities in other parts of Denmark. Following the merger, Spar Nord will be the sixth largest bank in Denmark. November 2012.